ATO
Atmos Energy Corporation
ATO's fundamentals are mixed: its operating margin rose 4 points to 37%, but free cash flow was negative. At 21x earnings, it's trading right at its usual valuation. Analysts expect earnings growth.
ATO Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Weak | |
| Under pressure |
ATO's profitability is currently strong, and its revenue is stable, but its cash flow and balance sheet are under pressure.
ATO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $155 | -12% |
| Fair | 20x | $171 | -2.6% |
| Forward | 20x | $176 | — |
| Current | 21x | $176 | — |
| Expensive | 23x | $189 | +7.2% |
Historical ranges are pointers, not guarantees.
ATO's PE is in its fair range at 21x. If earnings grow as analysts expect, today's price would be 20x next year's earnings, in its cheap range.
ATO Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Decline | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect ATO's earnings to grow and its profitability to improve, but its revenue to decline.
ATO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.01 | +7.6% |
| Q2 2026 | $8.38 | +16% |
| Q1 2026 | $8.11 | +13% |
| Q4 2025 | $7.67 | +9.9% |
| Q3 2025 | $7.46 | +9.2% |
| Q2 2025 | $7.24 | +6.8% |
| Q1 2025 | $7.16 | +7.8% |
| Q4 2024 | $6.98 | +11% |
| Q3 2024 | $6.83 | +12% |
ATO's earnings per share have climbed steadily: $8.38 over the past year, up 16% from the year before, and higher year over year for 17 quarters in a row.
ATO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $879.1M | +4.8% |
| Q1 2026 | $2B | +0.6% |
| Q4 2025 | $1.3B | +14% |
| Q3 2025 | $737.5M | +12% |
| Q2 2025 | $838.8M | +20% |
| Q1 2025 | $2B | +18% |
| Q4 2024 | $1.2B | +1.5% |
| Q3 2024 | $657.9M | +12% |
ATO's revenue has grown year over year for 10 quarters in a row: $879M last quarter, up 4.8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 36% | +6.4 points |
| Q1 2026 | 39% | +6.7 points |
| Q4 2025 | 38% | -0.7 points |
| Q3 2025 | 30% | +1.6 points |
| Q2 2025 | 30% | -1.3 points |
| Q1 2025 | 32% | -1.2 points |
| Q4 2024 | 39% | +4.6 points |
| Q3 2024 | 28% | +1.9 points |
ATO's operating margin was 36% last quarter, up 6.4 points from the same quarter a year ago.
ATO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$399.4M | -$28.9M |
| Q1 2026 | -$280.1M | -436% |
| Q4 2025 | -$725.3M | -$116.1M |
| Q3 2025 | -$615.5M | -$138.2M |
| Q2 2025 | -$370.6M | -$68.1M |
| Q1 2025 | $83.3M | -17% |
| Q4 2024 | -$609.2M | -$84.8M |
| Q3 2024 | -$477.3M | +$6.9M |
ATO has burned cash in almost every quarter: −$2B over the past year, against −$1.4B the year before.
ATO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.9% | +1.6M shares |
| 1 year | +5.1% | +8.2M shares |
| 3 years | +16% | +23.3M shares |
| 5 years | +29% | +37.9M shares |
| Available history | +44% | +51.9M shares |
ATO has 169M diluted shares, up 5.1% from a year ago.
ATO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 3.8x | Elevated |
| Q1 2026 | 3.8x | Elevated |
| Q4 2025 | 3.9x | Elevated |
| Q3 2025 | 3.8x | Elevated |
| Q2 2025 | 3.7x | Elevated |
| Q1 2025 | 3.6x | Elevated |
| Q4 2024 | 3.7x | Elevated |
| Q3 2024 | 3.7x | Elevated |
ATO's net debt is about 3.8 years of its operating earnings (EBITDA), about the same as a year ago.
ATO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.0 | Neutral |
| Stochastic | 70.5 | Neutral |
ATO's weekly RSI is 58 (neutral) and its Stochastic is 71 (neutral).
ATO PE vs Utilities Sector
| Metric | ATO | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 20x | 2.8% above |
| PE % | 61 | 44 | 17 pts above |
ATO is trading at 21x earnings, in line with the Utilities sector's median of 20x.
ATO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $167.1 | 5.3% above |
| 20 week MA | $169.2 | 4% above |
| 50 week MA | $173.7 | 1.3% above |
| 100 week MA | $165.5 | 6.3% above |
| 200 week MA | $142.7 | 23% above |
ATO is in an uptrend: it's above all five of its weekly moving averages, and 23% above its 200-week average.
ATO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $110.1 | $92.8 | -16% |
| 2021 | $92.8 | $102.7 | +11% |
| 2022 | $102.7 | $115.1 | +12% |
| 2023 | $115.1 | $115.9 | +0.7% |
| 2024 | $115.9 | $139.4 | +20% |
| 2025 | $139.4 | $168.1 | +21% |
| 2026 YTD | $168.1 | $175.9 | +4.6% |
ATO has finished higher in five of the last six years. It's up 4.6% so far in 2026.